INDEX VIEWS

NIFTY:

Nifty is range bound at present with immediate supports at psychological level of 6500 and then 6480 / 6465/ 6420. RSI is showing overbought so some caution is advised. There may be consolidation before further upmove which is intact as long as 6400 levels are held on. Events like the Ukraine referendum issue tomorrow may have some impact on our markets on Monday. We suggest that you wait for breakout on the nifty on either side. When the breakout happens we will update it here so that next positions can be taken. We suggest that you "trade light" considering the Ukraine event unfolding. But the good news has been the drop in WPI to nine month low of 4.68% from 5.05% in January.

BANK NIFTY:

Bank Nifty is also rangebound and in consolidation mode just as the Nifty. As we have been reiterating daily that the resistance for Bank Nifty is 12250 level and any buying should be done only on confirmed closing of Bank Nifty above 12300 level. On the downside 12000 is a major psychological support with strong support at 11800 and then at 11600. 

CNX IT:

As mentioned in out index views on 12th of March we had suggested that a breakdown in CNX IT is imminent. Subsequently CNX IT has fallen and broken crucial support level of 9650/9600. CNX IT RSI is now in oversold zone and we expect some consolidation before the upmove starts in CNX IT which we are very sure that soon it will. On the downside there is immediate support for CNX IT at 9400 level. We reiterate buy on decline in TECH MAHINDRA with a SL of 1720 for short term investment.

Our views on 12th March showed that a decline was very much on the cards
and CNX IT has now broken support levels of 9650-9600.